MSG Networks Inc. (MSGN) Receives Consensus Recommendation of “Buy” from Analysts
Shares of MSG Networks Inc. (NYSE:MSGN) have been given an average recommendation of “Buy” by the twelve ratings firms that are covering the company, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation and seven have assigned a buy recommendation to the company. The average 1 year target price among brokerages that have covered the stock in the last year is $24.86.
A number of equities analysts have recently weighed in on the company. Zacks Investment Research cut MSG Networks from a “hold” rating to a “sell” rating in a report on Saturday, July 15th. BidaskClub upgraded MSG Networks from a “hold” rating to a “buy” rating in a report on Friday, June 30th. ValuEngine cut MSG Networks from a “strong-buy” rating to a “buy” rating in a report on Friday, June 2nd. FBN Securities upgraded MSG Networks from a “sector perform” rating to an “outperform” rating in a report on Wednesday, August 30th. Finally, Jefferies Group LLC reiterated a “hold” rating and set a $22.00 price target on shares of MSG Networks in a report on Monday, August 14th.
MSG Networks (NYSE:MSGN) traded up 0.73% during mid-day trading on Wednesday, hitting $20.70. The company had a trading volume of 221,554 shares. MSG Networks has a 52-week low of $17.39 and a 52-week high of $25.30. The company has a market capitalization of $1.55 billion, a P/E ratio of 9.33 and a beta of 0.75. The company has a 50-day moving average price of $20.96 and a 200 day moving average price of $22.31.
MSG Networks (NYSE:MSGN) last released its quarterly earnings results on Wednesday, August 16th. The company reported $0.52 earnings per share for the quarter, topping analysts’ consensus estimates of $0.51 by $0.01. The business had revenue of $162.90 million during the quarter, compared to analysts’ expectations of $161.91 million. MSG Networks had a negative return on equity of 16.56% and a net margin of 24.78%. The company’s revenue was up 1.5% compared to the same quarter last year. During the same period in the prior year, the business posted $0.57 EPS. On average, analysts forecast that MSG Networks will post $2.20 EPS for the current fiscal year.
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A number of institutional investors have recently made changes to their positions in MSGN. Russell Investments Group Ltd. boosted its holdings in MSG Networks by 827.6% during the 1st quarter. Russell Investments Group Ltd. now owns 70,527 shares of the company’s stock valued at $1,646,000 after acquiring an additional 62,924 shares during the period. LSV Asset Management boosted its holdings in MSG Networks by 1,659.2% during the 1st quarter. LSV Asset Management now owns 91,476 shares of the company’s stock valued at $2,135,000 after acquiring an additional 86,276 shares during the period. State Board of Administration of Florida Retirement System boosted its holdings in MSG Networks by 17.8% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 54,411 shares of the company’s stock valued at $1,270,000 after acquiring an additional 8,212 shares during the period. First Trust Advisors LP purchased a new position in MSG Networks during the 1st quarter valued at about $1,665,000. Finally, Bank of New York Mellon Corp boosted its holdings in MSG Networks by 5.2% during the 1st quarter. Bank of New York Mellon Corp now owns 399,052 shares of the company’s stock valued at $9,318,000 after acquiring an additional 19,685 shares during the period. Institutional investors own 76.95% of the company’s stock.
About MSG Networks
MSG Networks Inc, formerly The Madison Square Garden Company, is engaged in sports production, and content development and distribution. The Company owns and operates two regional sports and entertainment networks, MSG Network (MSGN) and MSG+, collectively MSG Networks. Its networks are distributed throughout its territory, which includes all of New York State and significant portions of New Jersey and Connecticut, as well as parts of Pennsylvania.
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